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Salt Lake, UT, Jan. 16, 2024 (GLOBE NEWSWIRE) -- WAVE Charging, a wholly-owned subsidiary of Ideanomics (NASDAQ: IDEX) and developer of high-power, wireless inductive charging solutions for medium- and heavy-duty commercial vehicles, today provided an update on its 500kW ultra-fast wireless charging system developed in conjunction with Cummins and the US Department of Energy.

This first-of-its-kind high-power, ultra-fast wireless charging system fully charged a class 8 electric truck in less than 15 minutes in a previously announced series of successful tests, heralding a future where fleet operators could realize near continuous electric vehicle uptime. To illustrate the speed and power of this technology, a typical household in the United States uses approximately 30kWh of electricity per day. A 500kW charger could theoretically supply a day's worth of energy to a home in just 3.6 minutes, or provide a full day's worth of energy to 400 homes. And this energy is transmitted wirelessly at a comparable level of efficiency to wired charging.

WAVE has continued development work on the system and work toward its deployment. In partnership with Cummins Inc., Venture Logistics, and the US Department of Energy it plans to deploy and demonstrate the innovative 500kW wireless inductive charger to move cargo at a Venture Logistics facility in the Midwest. Venture Logistics is a privately held, full-service logistics company. As part of this initial project, the WAVE 500kW system will power two Class 8 electric trucks. This deployment is planned for Q1 2024.

Supported by an $8.4 million U.S. Department of Energy grant, the WAVE Wireless 500kW charger is being deployed as part of a consortium project. The innovative high-power wireless charging systems will help operators to more easily meet zero-emission goals with minimal impact on operations, thus helping to improve the air quality in and around ports, warehouses, and distribution centers.

The project with Venture Logistics is a further example of how high-power wireless charging is bringing zero-emission capabilities to cold climates where ice and snow create challenging transportation environments, eliminating the need to handle heavy high-power charging cables at low temperatures.

More than 12 million medium and heavy-duty trucks are in service today in the U.S., most are still powered by polluting combustion engines. The Inflation Reduction Act (IRA) provides more than $75 billion in programs and tax credits for electrification giving fleet operators the confidence to transition faster. Several of these programs and incentives include specific designations to electrify heavy-duty vehicles operating in disadvantaged communities and warehouses.

Seeing as the transportation industry is the largest contributor (27%) to greenhouse gases in both the US and Europe, with medium- and heavy-duty trucks contributing the most emissions at around 26% of the transportation industry. It's one of the biggest priorities to convert to zero-emission battery electric vehicles (BEVs).

"Our demonstration project with Venture Logistics will show that for medium- and heavy-duty vehicles that demand perpetual operations and require charging infrastructure, wireless charging is the most effective solution at scale," said Robin Mackie, COO of Ideanomics, WAVE's parent company.

Benefits:

• Embedded in the road surface, the WAVE Wireless system charges the truck batteries quickly and conveniently during regularly scheduled stops without the need to handle heavy high-power cables.
• The speed and convenience to which high-power charging is available means charging can occur within the vehicle's demanding duty cycle, allowing the battery-electric trucks to match the duty cycle of their fossil-fueled internal combustion engine (ICE) counterparts.
• The pavement embedded systems have no moving parts, which equates to low maintenance and high availability.
• Unlike legacy plug-in charging systems, the WAVE Wireless systems are flush to the ground reducing the risk of collisions with vehicles in an already busy and congested area.
• The risks of trips and falls associated with cables are eliminated.

"We're demonstrating that electric heavy-duty vehicles can operate continuously, recharging during their regular operations," said Robin Mackie. "The advantages of this technology are evident: fleet operators enhance efficiency by eliminating vehicle downtime spent refueling or connecting to a central depot."

Wireless charging is the ideal solution for any fleet operator with vehicles moving along a fixed route. In logistics, where minutes and seconds count, fully automated and unobtrusive high-power wireless charging keeps vehicles powered up during regularly scheduled stops across a variety of challenging weather conditions. Additionally, it allows for smaller batteries and fewer chargers, resulting in reduced vehicle weight and costs.

WAVE Charging is a flagship wireless charging technology and is committed to supporting its ongoing development and deployment. This includes exploring opportunities to incorporate wireless charging into the design of the company's next generation of electric vehicles.   

About WAVE, Inc.

Founded in 2011, with systems available from 125kW through to ultra-high power, WAVE delivers made-in-America wireless EV charging systems for the commercial fleet sector. With a global-leading number of high-power, rigorously proven inductive charging systems deployed, WAVE provides commercial fleet operators with a faster, easier, and future-proof way to extend the range of medium- and heavy-duty electric vehicles without the hassle and inefficiency of operations experienced with with with cable and pantograph charging systems.. Learn more at www.waveipt.com.

About Ideanomics

Ideanomics is a global group with a simple mission: accelerating the commercial adoption of electric vehicles. By bringing together vehicles, charging and financing solutions under one roof, we are the one-stop partner needed to simplify the transition to and operation of any EV fleet. To keep up with Ideanomics, please follow the company on social @ideanomicshq or visit https://ideanomics.com.

About Venture Logistics

Headquartered in Indianapolis, IN, Venture is one of the nation's largest privately held, full-service logistics companies. Venture is comprised of complementary business units that offer over-the-road and dedicated truckload operations, freight brokerage, 3PL and supply chain optimization services. Venture also has a warehouse footprint of 1M sq. ft.

www.venturelogistics.com

About Cummins

Cummins Inc., a global power leader, is a corporation of complementary business units that design, manufacture, distribute and service a broad portfolio of power solutions. The company's products range from diesel and natural gas engines to hybrid and electric platforms, as well as related technologies, including battery systems, fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Headquartered in Columbus, Indiana (U.S.A.), since its founding in 1919, Cummins employs approximately 62,600 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves customers in approximately 190 countries and territories through a network of approximately 600 company-owned and independent distributor locations and over 7,600 dealer locations and earned about $2.1 billion on sales of $23.8 billion in 2018. See how Cummins is powering a world that's Always On by accessing news releases and more information at https://www.cummins.com/always-on. Follow Cummins on Twitter at www.twitter.com/cummins and on YouTube at www.youtube.com/cumminsinc.

Safe Harbor Statement

This press release contains certain statements that may include "forward-looking statements". All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties, and include statements regarding our intention to transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, such as risks related to: our ability to continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; and other risks and uncertainties disclosed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Contacts:

Ideanomics, Inc.

Tony Sklar, SVP of Investor Relations

1441 Broadway, Suite 5116, New York, NY 10018

ir@ideanomics.com

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